Sterling Bay and Wheelock Street Capital Sell Hyatt House-Fulton Market

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Aug 20, 2024, 07:00 ET

CHICAGO, Aug. 20, 2024 /PRNewswire/ -- Sterling Bay, the Chicago-based real estate investment and development firm, and Wheelock Street Capital today announced the sale of Hyatt House Chicago / West Loop-Fulton Market. Located at 105 N May Street in the West Loop/Fulton Market neighborhood, the 200-key, extended-stay hotel includes 5,224 square-feet of retail space on the ground floor, which is now fully leased to popular breakfast restaurant The Original Pancake House.

"Hyatt House was an exciting and important development for Fulton Market, and we are pleased to see the property fully leased before the sale," said Andy Gloor, CEO of Sterling Bay. "Our ability, in close partnership with Wheelock, to successfully take such a project from construction to financing, leasing and sale is a testament to our team's incredible track record in commercial property development."

This sale is the latest activity in a series of Fulton Market listings for the firm, which has identified the properties as opportunities to further their vision for development in Chicago.

The Original Pancake House will operate its sixth Chicagoland location—and first in Fulton Market—in the ground floor retail space at Hyatt House, bringing an accessible, family-friendly breakfast option to Fulton Market's bustling dining scene. The restaurant plans to open in late spring or early summer 2025.

Since Sterling Bay and Wheelock delivered Hyatt House in 2019, the 200-key property has been the only extended-stay and Hyatt-branded hotel in the neighborhood. Designed by Eckenhoff Saunders Architects, the hotel has welcomed thousands of guests looking to take advantage of Fulton Market's range of business, dining and entertainment offerings. Hyatt House builds on the neighborhood's live-work-play environment with its own amenities, including an indoor rooftop pool, sky deck with expansive city views, fitness center, and full-service lobby bar.

ABOUT STERLING BAY

Sterling Bay is an experience-driven real estate company that boldly transforms spaces, industries, and communities across the country, sparking growth and opportunity at every turn. Known for creating innovative, connected, and collaborative spaces for world-class companies such as Google, McDonald's, WPP, Pinterest, Dyson and Tyson Foods, Sterling Bay is consistently recognized for award-winning projects that enhance communities and strengthen a company's culture and brand. Sterling Bay's team of more than 185 professionals is responsible for a portfolio exceeding $5 billion, and a development pipeline of more than $20 billion. For more information, visit www.sterlingbay.com.

ABOUT WHEELOCK STREET CAPITAL

Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII with $1.2 billion of capital commitments and its first perpetual life fund, Wheelock Street Long Term Value Fund with $1 billion of capital commitments. The firm may invest directly or with high-quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations. Wheelock's investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-plus-year track record of demonstrated and consistent outperformance over industry benchmarks.

ABOUT THE ORIGINAL PANCAKE HOUSE CHICAGOLAND

The Original Pancake House is a third and fourth generation family business that began in Portland, Oregon in 1953. The company takes great pride in offering a high-quality breakfast, using only the finest ingredients and making all of their batters, sauces and syrups from scratch each morning. The Sczurek family has continued these wonderful traditions in Chicago for over 50 years. They are excited to open their sixth location and bring their breakfast expertise to the Fulton Market neighborhood. To learn more, please visit www.ophchicagoland.com.

SOURCE Sterling Bay